Posted by Brandon Powers at 12:00 am on Jul 20, 2007 Comments Off on Using Two Hands, or Being Careful Before Spending A Hundred Billion Bucks
From the time I was in t-ball, my dad always used to tell me
that I needed to use two hands when catching pop ups. Sure, 99
times out of 100 it’s no big deal, and the out is made. But then
there’s that other one…
It’s with that in mind that I write about the last night’s
budget votes.
Throughout the night, the Assembly leaders hustled to get a
budget, some budget, any budget passed. Negotiations took place.
Concessions were made. Entire sections of the budget were rewritten
hastily in the middle of the night, being fueled by cold pizza and
colder coffee.
But last night, unfortunately, it seems someone forgot to remind
our leadership to use both hands.
As part of the grand deal that was cut, the Research and
Development tax credit for businesses was to be expanded, to
provide conformity with the federal tax code relating to R&D.
As part of the package that was agreed to, those provisions would
then sunset in 5 years.
However, that isn’t exactly what made it’s way into the final
product.
Instead of those provisions sunsetting in 5 years, the budget as
written sunsets the entire section of the tax code relating to… Read More